Luxembourg-based ArcelorMittal has announced that it has invested a further $17.5 million in US-based renewable energy storage developer Form Energy Inc. through its XCarb™ innovation fund. The investment is the second investment ArcelorMittal has made in the company, following its initial investment of $25 million announced in July 2021.
At the time of ArcelorMittal’s initial investment in Form Energy, the companies also signed an agreement to supply direct reduced iron (DRI) as iron input into Form Energy’s battery technology.